Lion Biotechnologies, Inc. (NASDAQ:IOVA) shares fell NaN during mid-day trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $7.10 and last traded at $0.00. 805,423 shares changed hands during mid-day trading, an increase of Infinity from the average session volume of 0 shares. The biotechnology company reported ($0.35) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.34) by ($0.01).
Several research analysts have weighed in on IOVA shares. Oppenheimer Holdings, Inc. set a $13.00 price target on Lion Biotechnologies and gave the stock a “buy” rating in a research note on Tuesday. B. Riley FBR, Inc. increased their target price on Lion Biotechnologies from $17.50 to $18.00 and gave the company a “buy” rating in a research report on Wednesday. Zacks Investment Research upgraded Lion Biotechnologies from a “hold” rating to a “buy” rating and set a $8.25 price target for the company in a research report on Tuesday, October 17th. Jefferies Group LLC restated a “buy” rating on shares of Lion Biotechnologies in a research report on Sunday. Finally, HC Wainwright set a $16.00 price target on Lion Biotechnologies and gave the stock a “buy” rating in a research report on Monday. Eleven investment analysts have rated the stock with a buy rating, The company presently has a consensus rating of “Buy” and a consensus target price of $14.53.
Several institutional investors have recently bought and sold shares of the company. Legal & General Group Plc purchased a new stake in shares of Lion Biotechnologies in the second quarter valued at approximately $103,000. Parametric Portfolio Associates LLC purchased a new stake in shares of Lion Biotechnologies during the second quarter worth approximately $125,000. Edge Wealth Management LLC purchased a new stake in shares of Lion Biotechnologies during the third quarter worth approximately $150,000. People s United Financial Inc. purchased a new stake in shares of Lion Biotechnologies during the second quarter worth approximately $143,000. Finally, Voya Investment Management LLC purchased a new stake in shares of Lion Biotechnologies during the second quarter worth approximately $208,000. Institutional investors and hedge funds own 66.57% of the company’s stock.
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Lion Biotechnologies Company Profile
Iovance Biotherapeutics, Inc, formerly Lion Biotechnologies, Inc, is a clinical-stage biopharmaceutical company. The Company is focused on the development and commercialization of cancer immunotherapy products designed to harness the power of a patient’s own immune system to eradicate cancer cells. The Company’s lead program is an adoptive cell therapy utilizing tumor-infiltrating lymphocytes, which are T cells derived from patients’ tumors, for the treatment of metastatic melanoma.
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